Financial Management

Card Set Information

Author:
quarteyj1020
ID:
238136
Filename:
Financial Management
Updated:
2013-10-01 11:35:25
Tags:
Accounting Financial Management Chapter 12
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Description:
Principles of Business Administration
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  1. Revenue
    All income that a business receives over a period of time.
  2. Expenses
    Costs of operating a business
  3. Budget
    Provides detailed plans for the financial needs of individuals, families, and business.
  4. Start-up budget
    Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
  5. Operating Budget
    Describes the financial plan for ongoing operations of the business for a specific period
  6. Cash Budget
    An estimate of the actual money received and paid out for a specific period.
  7. Financial Records
    Used to record and analyze the financial performance of a business.
  8. Assets
    What a company owns
  9. Liabilities
    Are what a company owes
  10. Owner's Equity
    The value of the owners investment in the business
  11. Balance Sheet
    The assets, liabilities, and owner's equity for a specific date are listed
  12. Income Statement
    To report the revenue, expenses, and net income or loss from operations for a specific period, a business prepares an . . .
  13. Payroll
    The financial record of employee compensation, deductions, and net pay
  14. Payroll Records
    The documentation used to process earnings

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